Activity Introduction

bbrw-numbers-photoframe-newQuick summary: This lesson requires students to consider the importance of businesses maintaining a competitive advantage to achieve success. It also considers whether eco-labelling can be an effective strategy in achieving a competitive advantage.

BB logo coolest partnerBendigo Bank is passionate about connecting with and enriching communities across Australia. Cool Australia and Bendigo Bank share the common goal of bringing communities together through educational programs that help to build sustainable communities for the future. This lesson supports students to inquire into the big idea of ‘real wealth’. Students develop an understanding of shared values, and build their sustainable and ethical financial knowledge, equipping them with the skills to make sound financial decisions based on social, environmental and economical merit.

Learning goals:

  • Students develop an understanding of the importance of a competitive advantage for business success.
  • Students consider the impact of eco-labelling on the competitive advantage of a business.
  • Students use various thinking activities to build their critical thinking and questioning skills.

General capabilities: Critical and Creative Thinking, Personal and Social Capability, Ethical Understanding, Literacy.

Cross-curriculum priority: Sustainability OI.4, OI.5, OI.6.

Australian Curriculum content description:

Year 9 Economics and Business

  • How and why businesses seek to create and maintain a competitive advantage in the global market (ACHEK041)

Year 10 Economics and Business

  • Factors that influence major consumer and financial decisions and the short- and long-term consequences of these decisions (ACHEK053)

Syllabus Outcomes: C5.2, C5.3, C5.4. 

Topic: Consumption

Unit of lessons: Bendigo Bank Real Wealth

Time required: 60 mins.

Level of teacher scaffolding: Medium – view the video and suggested websites before the lesson.

Resources required: Student Worksheets – one copy per student OR computers/tablets to access the online worksheet, device capable of presenting a website to the class. Real Wealth Cheat Sheet, Glossary – Secondary.

Digital technology opportunities: Students are required to watch an online video and make use of a number of websites for their inquiry. They may also need to use a poster making app like Pic Collage. Digital sharing capabilities.

Homework and extension opportunities: Eco label poster for homework. Students requiring extension should be able to do the final Eco Labels and Competitive Advantage activity on their own. They may also be given an additional article to extend their case.

Keywords: eco-labels, competitive advantage, product differentiation, cost advantage, Bendigo Bank.

Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.

Worksheets

Teacher Worksheet

bbrw-bread-photoframeTeacher preparation

Overarching learning goal: Students will develop an understanding of the importance of a competitive advantage for business success. They will consider the impact of eco-labelling on the competitive advantage of a business. Finally, they will use various thinking activities to build their observation, critical thinking and questioning skills.

Teacher content information: When a business has an advantage over its competitors, allowing it to generate greater sales or margins, then it is said to have a competitive advantage. There are two main ways a business can achieve a competitive advantage: Differentiation or cost advantage. Differentiation is achieved when a business makes their product in some way appear superior or better than the competitor’s product. A cost advantage occurs when a business finds a way to reduce the cost of making their product so they can sell it at a lower price or achieve a greater profit margin from its sale. For more information on comp

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Student Worksheet

Thought starter: Can eco-labelling give businesses a competitive advantage?

Competitive Advantage

When a business has an advantage over its competitors, allowing it to generate greater sales or margins, then it is said to have a competitive advantage. There are two main ways a business can achieve a competitive advantage: Differentiation or cost advantage. Differentiation is achieved when a business makes their product in some way appear superior or better than the competitor’s product. A cost advantage occurs when a business finds a way to reduce the cost of making their product so they can sell it at a lower price or achieve a greater profit margin from its sale.

Watch this video and complete the reflection questions that follow:

UniFirst Uniforms: Gain a Competitive Advantage (https://youtu.be/3oH2UO3SmqU)

In 25 words or less, describe competitive advantage:

In 25 words or less, describe product differentiation:

Business

Charlie's Champs

Uni First

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